02202019 BUSINESS

business@tribunemedia.net

WEDNESDAY, FEBRUARY 20, 2019

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Nassau ‘first callers’ drop 40k in 2018

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CRUISE passenger arrivals to Nassau as a “first port of entry” fell by more than 40,000 persons in 2018, it was revealed yesterday, just as Cabinet was debating who should get the port deal.

Newly-published Ministry of Tourism data revealed that such arrivals fell by 1.5 percent year-over-year compared to 2017, dropping from 2.637m to 2.597m, even though total cruise passenger numbers visiting The Bahamas grew by 5.4 percent to 4.878m.

The data indicates that the reduction in “first port of call” visitors to Nassau was offset by a corresponding increase in those taken to the Family Islands, which is where the cruise lines have their private islands.

In particular, the Berry Islands, which is where Royal Caribbean’s Coco Cay location is based, saw a 17.4 percent year-overyear increase in “first port of call” visitors, who rose by over 100,000 - from 561,409 in 2017 to 659,203 last year.

Bimini also enjoyed a 37.7 percent increase, but the biggest jump was experienced in Eleuthera, which is home to Princess Cruise Lines’ Princess Cay and other private island-type destinations. First “port of call” visitors to Eleuthera more than doubled yearover-year, increasing by 104.9 percent from 171,406 to 351,159.

The significance of this data is that it suggests the cruise lines are further increasing reliance on their private islands as their “first port of call” in The Bahamas, which gives them first shot at mining the spending of their passengers.

Second and third-call destinations typically see reduced cruise passenger spending compared to their inaugural touchdown in The Bahamas as wallets and credit cards have already been given a good work-out.

This results in fewer dollars being spent with Bahamian merchants, attraction, tour and excursion providers in Nassau, with most of the industry’s economics again accruing to the cruise lines who control most of the activities that occur on their private islands.

“The increase in cruise arrivals to Nassau/Paradise Island in December 2018 was not enough to counteract the previous decline in cruise arrivals to the island for the year by first port of entry,” the Ministry of Tourism said in analysing its data.

“For this reason, cruise arrivals to Nassau/Paradise Island declined by first port of entry. However, when Nassau/Paradise Island is reviewed on its own without

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Hotels: ‘We’ve never seen this in ten years’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Nassau/Paradise Island hotel industry has “rebounded with gains not seen for ten years”, it was revealed yesterday, as room revenues closed 2018 up 34 percent year-over-year.

Robert Sands, pictured, Baha Mar’s senior vicepresident of government and external affairs, told Tribune Business that last year’s momentum had been maintained through “a very strong 2019 first quarter” with most tourism industry participants confident these trends will hold for the full year barring any

• Nassau/PI in 2018 ‘double digit’ gains • Growth continues via ‘very strong’ Q1 • But ‘much holistic work’ still to be done

BAHA MAR RESORT hurricanes or unanticipated economic shocks.

With average daily room rates (ADRs) and revenue per available room

(RevPAR) ahead of 2017 comparatives in eight and seven months, respectively, of 2018, Mr Sands said “all parties are benefiting” from

the increase in visitor numbers and spending.

He warned, though, that there remained “quite a lot of work to do” to sustain

the growth momentum in The Bahamas’ largest industry and biggest GDP contributor, adding that hotels by themselves “don’t make the destination”.

Calling for the sector’s “holistic development”, the veteran hotelier said The Bahamas needed to ensure downtown Nassau was revived and Lynden Pindling International Airport (LPIA) able to cope with peak season passenger volumes, in addition to “uplifting” service levels and the guest experience.

Mr Sands spoke out after newly-released Ministry of Tourism data, obtained by Tribune Business, showed that Baha Mar’s full opening had combined with

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Tax uncertainty threat ‘to kill solar industry’ Tech firm

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

SOLAR energy providers yesterday urged the government to clarify “random and inconsistent” tax policies that are threatening “to kill an infant industry before it gets a foothold”.

Philip Holdom, president of Alternative Power Supply (APS), told Tribune Business it was “giving with the right hand and taking away with the left hand” despite recentlyintroduced measures to permit entire solar systems to be imported duty-free.

While the 2018-2019 budget made whole systems, referred to as “solar kits”, free from border taxation once Ministry of Finance approval was

• Govt ‘giving with right hand, taking with left’ • Provider fear on ‘random’, arbitrary policy • Say tax ‘excessive’, hitting business ease

obtained, Mr Holdom said Customs was still levying duty on individual components brought in for repairs and other purposes.

Arguing that it was impossible for solar providers and installers to conduct business in such an arbitrary tax environment, he further revealed that replacement parts imported under a warranty were being subjected to a 45 percent duty rate plus ten percent stamp tax and 12 percent VAT. Branding this “excessive taxation” and “a detriment to the ease of doing business”, the Alternative

Power Supply president warned that the government was threatening to undermine its own policy drive - much touted by the prime minister - of encouraging Bahamians to pursue renewable energy solutions to both lower their power bills and benefit the environment.

“Regarding ‘solar kits’, this tariff was introduced to ensure that all ‘Balance of System’ solar parts related to a solar system or ‘solar kit’ fall under the duty free status of solar,” Mr Holdom told Tribune Business via e-mail.

“The reasoning is that a solar system is a collection of specific solar parts that make up a functional system, and that any part that is removed negates the solar system from working. We challenge anyone to take a solar panel on its own and show us what they can do with it, without a specialty mc4 cable and a specialty charge controller.”

KP Turnquest, in unveiling the 2018-2019 budget’s tax breaks and adjustments, had confirmed: “We are eliminating duties on solar

THE Clearing Banks Association’s (CBA) chairman yesterday said the sector would have “no objection” to web shops setting up a Bahamian dollar “co-operative” to resolve their banking woes.

Gowon Bowe told Tribune Business that such a plan, while representing “out-of-the-box” thinking, would still need to pass the Central Bank’s regulatory and due diligence tests - and obtain the necessary licence - should domestic gaming houses pursue such an idea.

He was responding after a well-known Bahamian investment analyst, who requested that this

GOWON BOWE newspaper not use his name, suggested that a financial institution dealing solely in Bahamian dollars - and not connected to the international correspondent woes - be created to resolve

Tribune Business Reporter

nmckenzie@tribunemedia.net

“I am just scratching the surface of a complex problem, but it needs to be opened up. It is intolerable that a fully licensed, regulated and taxed local industry should be in effect ‘blacklisted’ by banks that are given a license to operate here.”

Mr Bowe yesterday indicated it may be worthwhile to pursue such an idea, given that it was “just not a practical reality” for existing Bahamian commercial banks to endanger the foreign correspondent banking

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• Licensed, regulated solution proposed • Commercial banks would not object • Key would be satisfying Central Bank the dilemma of giving web shops wider access to the formal financial system.

“It seems some mechanism must be found to avoid any reliance on international correspondent banking,” the analyst said in a note to Tribune Business and others.

“Since all the business is in Bahamian dollars, why are deposits needed with US or Canadian banks with their excessive compliance policies? Could not a wholly internal Bahamian system be set up, governed by sensible rules established by our Central Bank?

By NATARIO MCKENZIE

THE company that gave life to the government’s Grand Bahama “technology hub” ambitions yesterday denied making any one-shot lay-offs while admitting business was “slower than expected”.

GIBC Digital reiterated its commitment to Grand Bahama and its employees, saying it was on course to meet its 2019 targets despite finding the going tougher than expected and releasing almost half its staff after they failed to perform.

Expressing surprise at claims it had suddenly made multiple employees redundant, Greg Wood, GIBC’s chief executive, said: “Business has been slower than expected, and we have had to make adjustments, but this is no cause for concern.

“We’ve also had to part ways with some senior employees who did not share our values, but we have replaced them with an all-Bahamian leadership team and are now on track to meet our targets for 2019.”

GIBC Digital’s managing director, Brian Dareus, said 12 persons had been let go over an eight-month period beginning last July as “some had not passed

B$ ‘co-operative’ can solve web shop woe

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

denies one-shot lay-offs

PAGE 2, Wednesday, February 20, 2019

THE TRIBUNE

EX-BAR CHIEF CALLS FOR PRIVY COUNCIL SWITCH A FORMER Bahamas Bar Association president has urged this nation to switch to the Caribbean Court of Justice (CCJ) as this nation’s final judicial forum of appeal.

Dr Peter Maynard, head of the University of the Bahamas LLB department, argued it was a “myth” that investors will only come to The Bahamas if they have the reassurance that the UK-based Privy Council is the final court of appeal in this nations’ legal system.

“If access to justice is your primary concern – and it ought to be - then the case for joining the CCJ is extremely compelling,” Dr Maynard said.

“Furthermore, in 40 years of practice, I have not yet met the mythical investor who needs the Privy

SEATED from left: Lady Beverley Walrond QC; Justice Adrian Saunders, chairman and CCJ president; Susan Branker-Greene; Madam Justice Yonette Cummings-Edwards, CCH chancellor. STANDING from left: Dr Peter Maynard, deputy chairman; Elton Prescott; B St Michael Hylton QC; Alvin McIntosh; Delano Bart QC; Justice Dennis Morrison; Dr Francis Alexis QC. Council before he invests in The Bahamas. That is a fanciful idea that had driven successive governments

away from the more important interest of access to justice for our people. Interest on investment and access

to justice should drive them in the opposite direction towards the CCJ.” Dr Maynard’s comments

came after he was last week elected deputy chair of the Regional Judicial and Legal Service Commission (RJLSC), the body responsible for selecting judges to the Caribbean Court of Justice (CCJ) and ensuring its independence and smooth functioning.

Dr Maynard was nominated for the post by the Organisation of the Commonwealth Caribbean Bar Associations (OCCBA) and the Organisation of Eastern Caribbean States (OECS) Bar Association, which represent lawyers throughout the region. He has served on the RJLSC for about six years.

Barbados, Belize, Dominica and Guyana have accepted the CCJ as their final court of appeal. Most

Caribbean countries also accept CCJ jurisdiction regarding regional trade.

The RJLSC was established under Article 5 of the agreement establishing the CCJ. The commission consists of the CCJ president, who is the chairman; two persons nominated jointly by the OCCBA and the OECS Bar Association; the chairman of a Judicial Services Commission, the chairman of a Public Service Commission; and two persons from civil society nominated jointly by the CARICOM secretary-general and OECS director-general of the OECS. Also included are two jurists and two persons nominated jointly by the bar or law associations of states that use the CCJ.

Minister urges end to morton tensions

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A CABINET minister yesterday said the government was “very concerned” that Morton Salt and its line staff union swiftly “reach a settlement” to end ongoing industrial tension in Inagua.

Dion Foulkes, minister of labour, said: “We are very concerned about the situation in Inagua. There have been several conciliation meetings here in New Providence at the Department of Labour.

“We have settled all the articles in the new industrial

DION FOULKES agreement except the economic issues relating to increases in salary and a proposed increase of

their [the workers’] health insurance.”

Mr Foulkes, speaking ahead of yesterday’s Cabinet meeting, said Inagua is a “one company town”, with the island’s economy almost totally dependent on Morton Salt’s success.

“We can’t force a settlement in any labour dispute.

We can encourage both sides to sit down and talk, and give a little bit,” he added. “We do not want any disruption in terms of operation of the plant there. That’s not good for the worker or the owners of Morton Salt.”

Morton Salt, in a

statement last week, said it hopes to “soon” conclude an industrial deal despite a “very tense” working environment where the line staff union has held-off on potential strike action.

The salt harvester, Inagua’s largest employer, said it was aiming to achieve a “comprehensive and fair” industrial agreement with the Bahamas Industrial, Manufacturers and Allied Workers Union (BIMAWU) even though the relationship between the two sides remains strained.

Morton Salt’s spokesman, Paul Jackie-

wicz, released a statement from the company which said: “We hope to resolve the ongoing negotiations soon with a comprehensive and fair labour agreement that maintains a safe and successful facility for our employees.”

Jennifer Brown, the union’s president, previously told Tribune Business that tensions were high at the Inagua plant with workers expressing safety concerns.

Those tensions have escalated in recent weeks. The company issued warning letters last week to several employees over what it

claimed was an “intentional slowdown”, and suspended at least three for a week.

The union has in recent months gone public over its dispute with Morton Salt regarding a new industrial agreement. Ms Brown recently told this newspaper that the union, which represents some 100-line staff, had been been “pushed” to take strike action after the company made no improvements to its purported counter-offer. The threat of industrial unrest has loomed over Morton Salt’s Inagua operations since late last year.

Tech firm denies one-shot lay-offs FROM PAGE ONE the probationary period, and some were low performers.” Thirteen employees remain, he added.

GIBC Digital was “among the first companies” to apply for, and be approved, under the government’s new Commercial Enterprises Act, which aims to smooth the path for investment in targeted industries by easing immigration bureaucracy and “red tape”.

The Act allows approved companies to send key personnel to The Bahamas, and establish operations, without first being in possession of valid work permits. Such permits must be applied for within 30 days of these executives’ arrival in The Bahamas and, should no reply be received from the director of immigration within 14 days, the permits are automatically deemed to have been granted.

The Act, together with the Grand Bahama

YOUR

“technology hub” initiative, are major components in the government’s plan to restructure and reposition the Bahamian economy by diversifying away from its reliance on tourism and financial services.

GIBC Digital was founded by Mr Wood in 2011 as an enterprise focused on the provision of operational and information technology (IT) strategy, concentrated on regulatorydriven change. GIBC helps its clients re-engineer their data resources in order to help them stay competitive and optimise their data security.

The firm opened an office in Nassau last October, having launched in Grand Bahama last June. Following its launch on Grand Bahama the company began to hire and train 25 Bahamians, with the commitment to take on another 25 in specialised services, including automation, data intelligence, customer experience, regulation and compliance.

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

THE TRIBUNE

Wednesday, February 20, 2019, PAGE 3

NEW BREWERY POSTS TO ‘HOLD JOB LOSSED AT 43’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A CABINET minister yesterday voiced optimism that Commonwealth Brewery’s creation of 30 new posts would minimise recently-unveiled job losses to a “net” 43.

Dion Foulkes, minister of labour, said some positions may have already been taken by workers among the 73 who were disengaged by the BISX-listed brewer’s retail unit, 700 Island Wines and Spirits, on Monday.

“Commonwealth Brewery has created a minimum of 30 new positions within the company,” he added. “The Employment Act says that those positions

must be offered to the persons made redundant. I understand that some of the 73 have already taken some of the new positions. At the end of the day we may see a net impact of 43 persons being unemployed.”

Mr Foulkes, though, acknowledged: “Still, 43 is too much, one is too much and the Department of Labour and the government are going to do all that we can to assist those persons. I also want to say we were notified by Commonwealth Brewery on February 1.

“The law says that when more than 20 persons are being made redundant there must be a two weeks’ notice period to the minister of labour, and anything under 20 there must be one week’s

PLP’S ‘UTTER NEGLECT’ CAUSED EU’S LISTING

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE ATTORNEY general yesterday blamed the former Christie administration’s inaction for The Bahamas’ being branded a “high risk” financial crime jurisdiction by the European Union (EU).

Carl Bethel QC slammed as “absolutely baseless” the opposition’s assertion that the Minnis administration’s “incompetence” led to The Bahamas’ inclusion on the EU’s 23-nation list. Instead, he argued that it was its predecessor that set off the chain reaction leading to the EU’s move by failing to address deficiencies identified by the Caribbean Financial Action Task Force (CFATF).

Accusing the Christie government of “utter neglect”, Mr Bethel said it did little to remedy the weaknesses highlighted by the CFATF’s review of this nation’s anti-financial crime defences in 2015.

The CFATF, the regional affiliate of the Financial Action Task Force (FATF), which sets the global antimoney laundering and terror financing standards, published its report on The Bahamas just after the May 2017 general election.

As a result, Mr Bethel argued that the Minnis administration had been forced to play “catch up” and hurriedly address these woes from the moment it took office. Despite its best efforts, it had been left with too little time to ensure The Bahamas escaped the FATF’s subsequent monitoring list, with this nation’s inclusion leading directly to

CARL BETHEL QC the EU branding it “high risk”.

Speaking out ahead of yesterday’s Cabinet meeting, Mr Bethel said: “The commissioners of the EU had decided, based on certain anti-money laundering directives received from the European Parliament, that they would populate this list and they unjustifiably added The Bahamas based on old information.

“The fact is The Bahamas has greatly improved its anti-money laundering/ counter terrorism financing framework since 2017 when we came to office.

When we came to office we met a state of utter neglect by the former government of this vital aspect of our governance.”

The opposition’s leader, Philip Davis, this week asserted that the government’s “incompetence” resulted in the EU action.

Blasting such claims as “absolutely

notice. I was very pleased with the measures that Commonwealth Brewery took, including the counselling for those affected and doubling the entitlement for severance pay to those persons.”

Commonwealth Brewery said on Monday that a tough economy and competitive pressures from cheaper rival beers had forced it to terminate the 73 staff, adding that its retail arm had developed too many middle management layers.

The vertically integrated brewer, wholesaler and retailer said it had made redundant 53 positions on New Providence, and 20 on Grand Bahama, as it adjusts its business to prevailing market conditions that include reduced consumer

spending and fierce competition from its Bahamian Brewery & Beverage Company rival.

Ron Hepburn, Commonwealth Brewery’s director of retail, had also expressed hope that the downsizing would not result in all 73 affected employees departing the business despite having been forced to “streamline” the 200-plus workforce.

He said those impacted would be able to apply for newly-created positions within the company, and told Tribune Business that the move will not impact the operations at any 700 Wines & Spirits outlet. All 56 retail sites will remain open, and Mr Hepburn said some stores were “set to open in the next month or so”.

He told Tribune Business: “If you look at our financial position, as reported in the third quarter last year, we have been impacted by competition - mostly from imported beer brands like Bud Lite and the like. At the end of the day this is just the result of different drivers that impacted our overall business that caused us to make a decision to streamline our operations.”

Mr Hepburn’s statement indicates that the impact of Bahamian Brewery’s Budweiser distribution contract coup is now being felt market-wide. Tribune Business reported back in 2015 that the Grand Bahamabased rival had seized the Bahamian distribution contract for Budweiser, and all brands produced

by Anheuser-Busch, from Commonwealth Brewery.

The move had effectively ended a four-decade reign

by Commonwealth Brewery as the Bahamian distributor for the brands produced by the world’s largest brewery.

Commonwealth Brewery, which is 25 percent owned

by Bahamian shareholders, last year also made a decision to absorb a “significant” cost by choosing to “eat” the 4.5 percentage point value-added tax (VAT) hike across its entire Kalik beer product line.

This was done to maintain Kalik’s price competitiveness, and as a goodwill gesture to consumers struggling to adjust to the impact of a 12 percent VAT rate introduced with the 2018-2019 budget.

baseless”, Mr Bethel added: “If you want to talk about incompetence, look at the record between 2015 and 2017. They failed to do anything of substance between 2015 and 2017. That is why The Bahamas got placed into the FATF action plan.

“If they really want to have a debate about it, it won’t go well or them because the facts are the facts. We are trying to have a mature approach to this.

We don’t want to get into name calling, finger pointing or any thing like that.

“For the opposition to spew falsehoods against the prime minister and this government is not something that will be tolerated. We will answer with truth. The truth is that between 2015 and 2017 nothing was done to address what they knew were the concerns of the Caribbean Financial Action Task Force and the Financial Action Task Force,” Mr Bethel continued.

“The reason we got listed in this European Union Commission list, of which we knew nothing until January 21 after the prime minister left [Brussels], is because of perceived deficiencies in our anti-money laundering and counter terrorist financing framework.

“The deficiencies have been very largely addressed.

This is why we were placed on the action plan by the FATF in October of 2018, but in December they [the CFATF] re-rated us as being compliant in 30 out

of 40 [FATF recommendations], right in company with the United States and other major countries in the world.”

As to how the government intends to respond

to the EU action, Mr Bethel said: “We have been working on a strategy. We have been in consultation with lawyers who are very familiar with the workings of the EU

and are aware of who the key personalities are and, in short order, the government will engage in the necessary consultations to see what we can do about this listing.”

PAGE 4, Wednesday, February 20, 2019

THE TRIBUNE

Hotels: ‘We’ve never seen this in ten years’ FROM PAGE ONE improved US economic growth and confidence to produce the first marked rebound since the 20082009 recession.

The Nassau/Paradise Island hotel industry’s 2018 performance was also boosted by the weak late-year comparatives from 2017 due to Hurricane Irma, which deterred travel to The Bahamas as well as the wider Caribbean for several months.

This nation also benefited from the damage that storm and others inflicted on other regional destinations, which resulted in travellers switching their vacations here.

The sector’s room revenue, room nights sold and air arrivals rose by “double digit” percentages for all months except March 2018, when the latter “only” grew by nine percent. Nassau/ Paradise room revenues closed last year up by 34 percent, while room nights sold were ahead by 28 percent and 19 percent, respectively.

“I think to put it in context, we see significant growth in stopover visitors to the destination,” Mr Sands told Tribune Business of the data. “The numbers are getting back to levels seen maybe ten, 20 years ago.

“I think that augurs well.

I think it’s important that not only was New Providence strong, but a lot of the Family Islands - event

ATLANTIS PARADISE ISLAND RESORT those in the south - enjoyed good growth. It sends the message that the tourism industry is rebounding, and making steady progress towards achieving great gains - the likes of which we’ve not experience in the industry for probably the last ten years.

“I think overall the numbers are very, very encouraging for the tourism sector here in The Bahamas,” he continued. “Based on the Bahamas Hotel and Tourism Association (BHTA) meeting last week, all sectors of the industry are reporting a very strong first quarter, which sets the foundation for the year and people are very optimistic the trends will continue for the full year barring any unforeseen catastrophes and the like.”

The Nassau /Paradise

Island hotel sector’s average ADR closed at $250.57 for 2018, as opposed to $239.26 the year before.

Average daily room rates were higher in eight out of 12 months, including for the entire first quarter winter season and Christmas period, and only slipped behind 2017 in the summer months.

Similarly revenue per available room (RevPAR), which is a key indicator of hotel performance, stood at a $154.60 average for the full year as compared to $145.34 in 2017. While its performance was slightly more uneven, it finished ahead of prior year comparatives for seven out of the 12 months.

Mr Sands agreed that the ADR and RevPAR data provided further evidence that fears Baha Mar’s full

entry into the market would spark a “price war” with Atlantis were unfounded. There had been speculation for many years that the two mega resorts would split, rather than grow, the high-end visitor market, resulting in “cannibalisation” and a “race to the bottom” on rates.

The Ministry of Tourism data, Mr Sands suggested, showed the opposite was occurring. “It sends the message that incremental business is accreting, all parties are benefiting, and that speaks volumes to what’s happened in the marketplace,” he told Tribune Business.

The Baha Mar executive added that there was “no question in my mind” that the resort industry’s promotional spend, together with the Ministry

of Tourism’s just-launched Fly Away promotion spearheaded by rock icon Lenny Kravitz, were “propelling The Bahamas’ equity in the marketplace and beginning to pay dividends for the destination”.

Still, Mr Sands conceded that “tremendous opportunities for growth” also present challenges for the tourism and hotel sector, including securing sufficient airlift to fill available hotel rooms and improving the infrastructure that underpins the industry.

He added that “offering value for money, good service levels and continuing to exceed visitor expectations as they come to the destination” were vital if The Bahamas is to maintain its current tourism momentum.

“It’s taken us a long time,” Mr Sands said of the industry’s rebound, “and I think there’s still quite a lot of work to be done.

Certainly, we have to pay attention to the ability of a new airport that it can manage all the volumes of passengers coming in at peak times.

“Hotels, as a destination in and of themselves, don’t make The Bahamas. We have to ensure the holistic development of island economies, the development of downtown Nassau and all aspects of the tourism sector and all players in tourism to ensure we holistically uplift the product offering and service to the visitors and guests.”

Away from Nassau/ Paradise Island, Grand Bahama’s hotel sector showed modest improvement in a year where it was not up against like-for-like comparatives that included a fully open Grand Lucayan prior to October 2016.

The extent of the task facing that resort’s purchaser is highlighted by the fact that the island’s average daily room rate and RevPAR figures, at $69.50 and $38.76, are less than one-third and one-quarter, respectively, of the same benchmarks set by their Nassau/Paradise Island counterparts.

Grand Bahama also enjoyed only modest improvement in its room revenues, air arrivals and room nights sold, which were all up by “single digit” percentages compared to 2017 figures.

“Room revenue did not increase between the months of July and October 2018 for Grand Bahama because there was a decline in the combined ADR for these four months compared to the same period of 2017, and in some of these months room nights sold also declined,” the Ministry of Tourism said.

“However, room revenue for the hotels in Grand Bahama increased by four percent by the end of December year-todate 2018, and room nights sold increased by two percent.”

B$ ‘co-operative’ can solve web shop woe FROM PAGE ONE relationships they and the wider economy need to survive by accepting web shop deposits.

“We’ve had the credit unions, people’s savings bank, and those were - if you will - financial institutions

that were not internationally connected,” he told Tribune Business. “In that same vein, if they wanted to create a pure Bahamian dollar banking institution that the Central Bank has to licence, regulate, that’s an option for them to get funds into the system.

“Until we have the

NOTICE CORE CONSTRUCTION SERVICES LTD. (In Voluntary Liquidation) NOTICE is hereby given in pursuance of Section 218(e) of the Companies Act, 1992 as amended by the Companies (Winding-up Rules Amendment) Act, 2011 that the Members of the above-named Company by resolutions passed on the 14th day of February, 2019, authorized the voluntary winding up of the Company and the appointment of Chanelle Munroe of #56 Kingfish Road, P. O. Box CB-11692 Nassau, The Bahamas as the Liquidator.

All persons having claims against the above-named Company are requested to submit particulars of such claims and proof thereof in writing to the Liquidator, Chanelle Munroe of #56 Kingfish Road, P. O. Box CB-11692, Nassau, Bahamas not later than the 14th day of March, 2019 after which the books will be closed and assets of the Company will be distributed.

DATED this 20th day of February, A.D., 2019.

CHANELLE MUNROE Liquidator

ability to work without international relationships that may be an option for them.

There’s no objection I anticipate from the wider group to them proceeding with bringing an application to the Central Bank.

“If they feel they can create an institution that does not have foreign currency needs, that’s outof-the-box thinking that they have an option to pursue with the Central Bank. We have common co-operatives that exist in the same vein,” Mr Bowe continued.

“If they’re willing to add another co-operative, a cooperative among gaming houses that is restricted to Bahamian dollars, it’s between them and the Central Bank that they can pass the regulatory hurdles and due diligence the Central Bank wants to carry out.”

Mr Bowe earlier this week explained that the “elevated risk” involved in dealing with cash intensive businesses, and the extra compliance/due diligence costs that banks will incur in handling such sums, was a prime reason why the majority of Bahamian banks were reluctant to accept web shop monies.

Web shops, likely the largest cash generators in The Bahamas, would fall at the peak of this “risk” scale. Mr Bowe pointed out that the

costs involved in dealing with large cash sums often exceeded the potential earnings from accepting them, creating an unfavourable risk/reward situation for the banks that would likely result in losses.

The other obstacle identified by the CBA chief was the opposition of Bahamian banks’ foreign correspondents to accepting gaming-linked deposits, meaning that if local institutions accepted such funds they - and all Bahamian businesses and residents could be cut-off from the global financial system that the economy depends upon for every day commercial transactions.

This, though, prompted a furious riposte from the web shops, who argued that it was “dangerous and counterproductive” for the majority of Bahamian banks to reject research showing the sector was free from “material” money laundering risks with the country currently under attack on this issue from the European Union (EU).

The Bahamas Gaming Operators Association (BGOA), in a statement, asserted that the web shop industry’s Know Your Customer (KYC) scrutiny of patrons was just as rigorous as that applied

by CBA members to their

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Submit resumé to: careers@islandhumanresources.com In the subject, include ‘South Andros’ and the position you are interested in.

IN THE ESTATE OF DOREEN ROSE SMITH, late of 440 Independence Parkway, in the City of Plano, Collin County, in the State of Texas, one of the United States of America, Deceased IT IS HEREBY NOTIFIED, for the information of those it may concern, that all persons having claim or demand against the said Estate are required to send the same to the undersigned on or before the 14th day of March A.D. 2019 and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit or any distribution made before such debts are proved; AND NOTICE is hereby given that all person indebted to the said Estate are requested to settle their respective debts at the Chambers of the undersigned on or before the date hereinbefore mentioned.

Dated the 13th day of February, A.D. 2019 CALLENDERS & CO. CHAMBERS, One Millars Court, P.O. Box N-7117, Nassau, The Bahamas Attorneys for the Personal Representative

customers, meaning that the sector had already “met the litmus test” and therefore there should be no money laundering-related concerns to deter banks from accepting its monies.

“The rigorous Know Your Customer (KYC) rules, which apply to CBA members when establishing accounts for their customers, are the very same criteria applied to and by domestic gaming house operators,” the association said.

“If the KYC measures are the same for both domestic gaming operators and members of the CBA, one would think that the aggregate deposits from gaming customers would have already met the litmus test.”

The local financial analyst, in their e-mail to Tribune Business and others, suggested that the commercial banks’ real issue was not money laundering risks “but simply an inability to utilise the deposits in a profitable way after covering the costs of due diligence” in dealing with large cash sums.

Questioning whether it was “more difficult or expensive” to conduct due diligence on large gaming house deposits as opposed to the smaller ones made by their patrons, the analyst also queried whether the same commercial banks were accepting US dollar deposits from New Providence’s two casinos - suggesting it would be a “form of discrimination” if they were.

This has been denied by Mr Bowe, but the analyst added: “Assuming Bank of The Bahamas is the only bank that accepts gaming house deposits (and that

must be insufficient), what exactly does Island Luck do with all the cash they receive every night?

“If they can’t deposit with a bank, must they hold actual currency in thousands of separate cash boxes, one for each customer? Do they pay all their bills with cash?

This is very hard to believe – they must be using a bank.”

A key government policy objective that drove moves to legalise the web ship industry was getting the multi-million dollar sums it generates into the formal economy and banking system, thereby removing the potential for further adverse scrutiny of The Bahamas by international regulators.

But Bank of The Bahamas, which the government owns via a majority 82.6 per cent equity stake, represents a small fraction of Bahamian commercial banking system assets. This means that a legalised, licensed web shop industry is still shut out from most of the financial system.

Mr Bowe yesterday told Tribune Business that while the “door is not closed” on the banking industry accepting web shop deposits, there were a “a number of matters we want to address and work through”, including the various regulatory obstacles.

“It’s just not a practical reality for existing commercial banks,” he explained, “because we all utilise credit cards and third party payments to institutions in the US. Hiving off one particular part of our business to satisfy one industry is impractical, but if they can set up something on their own initiative then God speed”.

N O T I C E EXXONMOBIL EXPLORATION AND PRODUCTION ITALY LIMITED __________________________________ N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL EXPLORATION AND PRODUCTION ITALY LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 18th day of February, 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is R.W. Rice, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 18th day of February, 2019 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

THE TRIBUNE

Wednesday, February 20, 2019, PAGE 5

Tax uncertainty threat ‘to kill solar industry’ FROM PAGE ONE kits upon application to the Ministry of Finance. Presently solar panels are duty free, and this new allowance will mean that vendors or individuals who are bringing in full solar kits can have all related elements brought in duty free.”

Mr Holdom, though, suggested that this was not working as the government intended. “Unfortunately, with the introduction of the tariff heading ‘solar kits’, we then discovered that any solar duty free component outside a ‘kit’ was now dutiable at a higher rate,” he disclosed.

“This is the government giving with the right hand and taking away with the left hand, and we have objected to this. If solar systems are to be duty-free then let them be duty-free.

Solar companies cannot conduct business when the rules are randomly and consistently changing all the time.”

Mr Holdom said solar batteries were a prime victim of this inconsistency, explaining: “All solar batteries were previously duty free, whether landed in a solar system ‘kit’ or landed separately. Recently, we landed a pallet of solar batteries on their own and we were informed, without any warning or notice, that the solar batteries were ten per cent duty.

“We objected to this ‘blindside ruling’ and asked for an explanation as to the rationale. We received none. It is our position that a solar battery is a solar battery - whether it lands on our shores alone on a pallet, or is grouped with with other solar components.”

The APS president added: “Customs has argued that ‘yes, but can that wire or breaker be used in any other application’? Our response has always been: ‘Only one out of one hundred parts could be used in another application, but no one in their right mind would be importing specialty solar wires for other uses since they are way more expensive than standard wires’.

“The fear that they would be missing out on Customs revenues is unfounded and simply will not happen with

a solar product that could be used in another application, but is financially ridiculous to do so, and which wire is not standard in the construction trade or built to suit.”

Calling for the government to work with the industry to eliminate continuing confusion and uncertainty that is retarding its development, Mr Holdom said: “Another inconsistency is if a part fails under warranty and we ship in the replacement solar part, it is dutiable at 45 percent plus ten percent stamp and 12 percent VAT on everything.

“We consider this to be excessive taxation, a detriment to the ease of doing business and a way of ensuring that there is no expansion of business vis-a-vis employment opportunities in the sector.

“We encourage the authorities to sit down with local Bahamian solar experts and to work in unison rather than in opposition. The end result will be greater solar integration in our nation, business expansion in the sector and more employment opportunities in this great high-tech industry.”

Mr Holdom conceded that there were “unscrupulous companies” bringing in non-solar batteries and seeking to pass them off as parts of renewable energy systems in a bid to evade tax. He added, though, that APS had not received a single response in ten years from Customs and the government to its offer to help identify legitimate solar batteries.

“We advised the authorities that instead of penalising the legitimate solar companies bringing in legitimate solar batteries, they should go after the illegitimate non-solar companies instead,” Mr Holdom said.

“Not only can we prove that our batteries are solar batteries, we can show any authority the solar system in which they are installed as they are registered in the BPL SSRG programme. An unscrupulous importer of batteries could not do the same.”

Mr Holdom was yesterday backed by another solar energy provider who,

NOTICE NOTICE is hereby given that Sandra jarrett of Sunshine Park, new Providence, Bahamas, is applying to the Minister Responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of February 2019 to the Minister Responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE NOTICE is hereby given that MARCIAN KENNETH GEFFRARD of Fox Hill, New Providence, Bahamas, is applying to the Minister Responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of February 2019 to the Minister Responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE NOTICE is hereby given that MELLE TIBE of GENERAL DELIVERY, PALMETTO POINT, ELEUTHERA, BAHAMAS, is applying to the Minister Responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of February 2019 to the Minister Responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

speaking on condition of anonymity, told Tribune Business he had just been on the receiving end of similar arbitrary, confusing treatment by Customs.

Seeking to import a renewable system, the provider revealed his broker was informed by Customs that the “solar kit” tariff heading unveiled in the 2018-2019 budget no longer existed and that the various parts attracting duty as individual components would be taxed.

While solar panels, inverters and charge controllers attracted no duty, the provider said this means ten percent duty would be applied to the battery “which accounts for up to 50 percent of the cost of the system”.

The solar PV wiring and aluminum racks, which fetch a 45 percent rate, would also be subject to duty. Expressing fears that he would have to “re-quote at a more expensive price” for installing the system, the provider told Tribune Business: “It’s no small issue. It’s a fair increase in the landed cost.

“Typical of government.

They’re killing an infant industry before it gets a foothold. The uncertainty is the worst part, and it seems the government needs to educate itself a bit. Phil Holdom is not the only Bahamian to advise the government on policy and how to proceed, but he’s not the only one to be ignored as well.”

The provider said he subsequently received clarification from the Ministry of Finance that he branded “as clear as mud”. While assured that the tariff heading for the duty-free importation of “solar kits” still exists, they were told that permission to obtain this concession first has to be granted by the ministry.

Once granted, providers were able to use the tax-free exemption for six months of the year. However, the provider said it had “dawned on me that this may be designed to be used internally”, meaning that the “solar kits” tariff heading

would be applied by Customs once it was satisfied a particular importer met the criteria.

“There’s confusion between Customs, the Ministry of Finance and the general public. Confusion reigns,” the provider said, adding that they had previously brought equipment in under the “solar kits” heading and obtained the

duty-free concession without first applying under the process outlined in the budget.

Marlon Johnson, the Ministry of Finance’s financial secretary, confirmed that the matters raised by the provider were being investigated. He confirmed that the “solar kits” dutyfree concession could only by accessed by application to the ministry and its

subsequent approval.

“I’m having the team investigate the specifics,” he said. “The procedure is if persons want to bring in solar kits they have to make an application. We are going to look into it to make sure it’s clearly understood. We’re going to investigate and come up with a determination that ensures treatment consistent with the law.”

PAGE 6, Wednesday, February 20, 2019

THE TRIBUNE

Nassau ‘first callers’ drop 40k in 2018 FROM PAGE ONE

the rest of The Bahamas, and all the ports of entry (first, second and third) into the island are taken into consideration, cruise arrivals increased by 0.8 percent.”

Turning to the bigger picture, the Ministry of Tourism added: “Cruise arrivals started the year off strong in the month of January 2018, but poor weather which caused rough seas in both February and March significantly impacted the overall cruise

LEGAL NOTICE International Business Companies Act (No. 45 of 2000) Cachi Investment Fund Ltd. (the “Company”) Notice is hereby given that, in accordance with

Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of Cachi Investment Fund Ltd. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register.

The date of completion of the Dissolution was the 28th day of January, 2019.

Luciane Ribeiro Moreno Liquidator

NOTICE NOTICE is hereby given that JULIE YOUTE of Golden Isle, Carmichael Road, New Providence, Bahamas, is applying to the Minister Responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of February 2019 to the Minister Responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

arrivals during the first quarter.

“During the months of January to December 2018 cruise arrivals (first port of entry) to The Bahamas overall were up in every month of 2018 except February and March.

“By the end of December 2018, cruise arrivals (first port of entry) to the Bahamas were up in the Berry Islands, Bimini, Eleuthera, Grand Bahama, and Inagua (this island does not normally receive cruise arrivals.”

The Ministry of Tourism’s data was released on the same day that Cabinet was due to discuss who should be selected as the preferred bidder to manage/operate Nassau’s cruise port.

Tribune Business understands that at least two of the bidders made hourlong presentations to the Cabinet the week before to justify why they should be chosen. They were Global Ports Holding, which has partnered with BISX-listed Arawak Port Development Company and CFAL, and Port of Nassau Partnership - the alliance between the Bahamian investment group headed by ex-Family Guardian president, Gerald Strachan, and the four cruise lines - Carnival, Royal Caribbean, Disney and Norwegian.

US automakers to Trump: Don’t slap tariffs on imported cars DETROIT Associated Press AMERICA’S auto industry is bracing for a potential escalation in President Donald Trump’s tariff war with the world, one that could weaken the global auto industry and economy, inflate car prices and trigger a backlash in Congress.

Late Sunday, the Commerce Department sent the White House a report on the results of an investigation Trump had ordered of whether imported vehicles and parts pose a threat to US national security.

Commerce hasn’t made its recommendations public, and the White House has so far declined to comment. If Commerce did find that auto imports imperil national security, Trump would have 90 days to decide whether to impose those import taxes.

Trump has repeatedly invoked his duty as president to safeguard national security in justifying previous rounds of tariffs. An obscure provision in trade law authorises a president to impose unlimited tariffs on particular imports if his Commerce Department concludes that those imports threaten America’s national security.

Whatever Commerce has concluded in this case, Trump has made clear his enthusiasm for tariffs in general and for auto tariffs in particular. Some analysts say they think Commerce has likely endorsed the tariffs, not least because the president has conveyed his preference for them.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, CHRISTIN AUSTIN WOODSIDE of Bacardi Road, Nassau, Bahamas intend to change my name to CHRISTIN AUSTIN SMITH. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

MARKET REPORT TUESDAY, 19 FEBRUARY 2019

BISX ALL SHARE INDEX: CLOSE 2,048.36 | CHG -0.06 | %CHG 0.00 | YTD -61.09 | YTD% -2.90 52WK LOW 3.50 19.17 4.90 3.34 1.00 0.19 2.10 8.70 6.10 3.54 9.01 2.30 1.50 7.25 6.10 10.10 5.85 3.24 12.51

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.20 4.24 2.03 184.51 158.55 1.60 1.74 1.68 1.11 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.54 1.68 1.62 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

LAST CLOSE 4.37 17.43 7.00 5.39 1.77 0.67 2.28 9.50 6.16 4.30 10.99 2.65 1.78 8.58 6.30 14.10 6.98 3.24 13.85

CLOSE 4.37 17.43 7.00 5.39 1.77 0.67 2.28 9.50 6.16 4.30 10.99 2.62 1.78 8.54 6.30 14.10 6.98 3.24 13.85

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.03 0.00 -0.04 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

VOLUME

2,400

9,700

VOLUME

EPS$ 0.147 0.932 -0.306 0.323 0.085 0.000 -0.523 0.700 0.480 0.154 0.627 0.102 0.209 0.000 0.481 0.762 0.578 0.277 0.631

DIV$ 0.120 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.240 0.500 0.150 0.090 0.600

P/E 29.7 18.7 N/M 16.7 N/M N/M -4.4 13.6 12.8 27.9 17.5 25.7 8.5 N/M 13.1 18.5 12.1 11.7 21.9

YIELD 2.75% 7.23% 0.00% 4.45% 0.00% 2.99% 0.00% 7.47% 3.57% 2.79% 5.64% 2.29% 3.37% 0.98% 3.81% 3.55% 2.15% 2.78% 4.33%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

NAV 2.20 4.24 2.03 184.51 147.81 1.60 1.74 1.68 1.11 7.47 8.64 6.60 10.37 11.69 10.38 9.92 8.69 11.79

YTD% 12 MTH% 3.97% 3.97% 2.49% 2.49% 2.43% 2.43% 3.26% 3.26% -3.65% -3.65% 4.30% 4.30% 2.60% 2.60% 3.40% 3.40% 1.46% 1.46% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88

MATURITY 19-Oct-2022 20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022 NAV Date 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

Canada and Mexico, the price of imported vehicles would jump more than 17 percent, or an average of around $5,000 each, according to estimates by IHS Markit. Even the prices of vehicles made in the US would rise by about five percent, or $1,800, because all of them use some imported parts.

Luxury brands would absorb the sharpest increase: $5,800 on average, IHS concluded. Mass-market vehicle prices would rise an average of $3,300.

If the tariffs were fully assessed, IHS predicts that price increases would cause US auto sales to fall by an average of 1.8 million vehicles a year through 2026.

Auto industry officials say that if sales fall, there almost certainly will be US layoffs.

Dealers who sell German and some Japanese brands would be hurt the most by the tariffs.

“The economic fallout would be significant, with auto tariffs hurting the global economy by distorting prices and creating inefficiencies, and the impact would reverberate across global supply chains,” Moody’s Investors Service said in a report. “The already weakening pace of global expansion would magnify global growth pressures, causing a broader hit to business and consumer confidence amid tightening financial conditions.”

Congress could resist the auto tariffs. Sens Pat Toomey, R-Penn, and Mark Warner, D-Va, have introduced legislation to reassert congressional control over trade. Their bill would give Congress 60 days to approve any tariffs imposed on national security grounds.

It would also shift responsibility for such investigations away from Commerce to the Pentagon.

Some analysts say they suspect that Trump intends to use the tariffs as leverage to pressure Japan and Europe to limit their auto exports to the United States and to prod Japanese and European automakers to build more vehicles at their US plants.

t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 5.50 1.77 0.67 3.68 10.20 6.60 4.85 12.50 2.74 1.78 8.50 6.30 14.10 6.99 4.47 13.85

Among Commerce’s recommendations “will certainly be tariffs because, hey, he’s a Tariff Man,” said William Reinsch, a former US trade official and now a senior adviser at the Center for Strategic and International Studies, referring to a nickname that Trump gave himself.

Industry officials took part in a conference call yesterday to discuss the possible steps Trump could take. They include tariffs of up to 25 percent on imported parts only; on assembled vehicles only; or on both vehicles and parts — including those from Mexico and Canada.

The last option would be an especially unusual one given that the United States, Mexico and Canada reached a new North American trade deal late last year, and the legislatures of all three nations must still ratify it.

In public hearings last year, the idea of imposing import taxes on autos drew almost no support. Even US automakers, which ostensibly would benefit from a tax on their foreign competitors, opposed the potential tariffs. Among other concerns, the automakers worry about retaliatory tariffs that the affected nations would impose on US vehicles. Many US automakers also depend on imported parts that could be subject to Trump’s tariffs and could become more expensive.

A similar Commerce investigation last year resulted in the Trump administration imposing taxes on imported steel and aluminum in the name of national security. The administration has adopted an extraordinarily broad view of national security to include just about anything that might affect the economy.

In addition to steel and aluminum, Trump has imposed tariffs on dishwashers, solar panels and hundreds of Chinese products. Targeting autos would further raise the stakes.

The United States imported $340bn in cars, trucks and auto parts in 2017.

If the administration imposed 25 percent tariffs on imported parts and vehicles including those from

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

NOTICE NOTICE is hereby given that CHENET CALIXTE of Fox Hill, New Providence, Bahamas, is applying to the Minister Responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of February 2019 to the Minister Responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE Notice is hereby given that MAXON PIERRE of Carmichael Road, P.O.Box CR55779, New Providence Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 13th February, 2019 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

NOTICE Notice is hereby given that SAMANTHA SEMOLA SPENCE of Farmer’s Hill, Exuma, Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 13th February, 2019 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

THE TRIBUNE

Wednesday, February 20, 2019, PAGE 7

US stocks bounce back from wobbly start to extend gains

By ALEX VEIGA Associated Press STOCKS shook off an early wobble on Wall Street yesterday, finishing modestly higher and extending the market’s gains into a fourth week.

Solid earnings from Walmart encouraged investors to bid up other retailers and consumer goods companies.

Communication services stocks and banks also contributed to the broad gains.

Homebuilders also notched gains following an industry survey showing improved confidence among builders heading into the key spring homebuying season.

Roughly 81 percent of S&P 500 companies have reported results for the last three months of 2018, delivering earnings growth of 13.1 percent versus a year earlier, according to FactSet. First-quarter snapshots are expected to result in a 2.5 percent decline in earnings, however.

Even so, the strong quarterly performance from the world’s largest retailer was an encouraging signal on US consumer spending after a government report last week showed retail sales slumped in December.

“Now that we’re winding down on earnings, investors are looking forward to what’s going to move the market higher,” said Karyn Cavanaugh, senior markets strategist at Voya Investment Management. “The fact that the consumer is still strong is a comfort to investors.”

The benchmark S&P 500 index, which has risen for the past three weeks, gained 4.16 points, or 0.1 percent, to 2,779.76.

The Dow Jones Industrial Average rose 8.07 points, or 0.03 percent, to 25,891.32. The Nasdaq composite added 14.36 points, or 0.2 percent, to 7,486.77. The Russell 2000 index of smaller companies picked up 5.22 points, or

0.3 percent, to 1,574.47.

Major European indexes finished mostly lower.

US stock indexes got off to a downbeat start yesterday as US markets reopened following the Presidents Day holiday. They wavered between small gains and losses for most of the morning, then veered higher in late morning trading and held on to most of their gains the rest of the day.

London-based bank HSBC and oil and gas rig operator Transocean declined after both companies reported quarterly results that fell short of Wall Street analysts’ forecasts.

HSBC fell 3.1 percent and Transocean lost 2.2 percent.

But Walmart’s results helped lift the market.

The retailer rose 2.2 percent after its quarterly earnings beat forecasts.

Walmart benefited from growth in online sales and the expansion of its grocery pickup and delivery business.

Amazon gained 1.2 percent, while Target added 1.5 percent.

The latest round of company earnings showed solid profit growth for the final three months of 2018, but caution about conditions going forward amid signs of a weaker global economy this year. Europe and China have both reported slower growth.

Meanwhile, uncertainty over the costly trade conflict between the US and China has also clouded the outlook for company profits.

“We still have that overhang of global growth and trade issues,” Cavanaugh said, noting that traders are looking ahead now to company earnings for the first quarter with “a little trepidation”.

Beyond the quarterly corporate report cards, investors were keeping a close eye on talks between US and Chinese negotiators in Washington that are aimed at ending a trade war between the world’s largest economies.

A truce between the US

and China on increased American tariffs on Chinese goods expires at the end of next week, leaving the US free to more than double its import duties on $200bn in Chinese goods.

President Donald Trump has said there is a possibility he would extend that March 2 deadline if the two countries are close to a deal.

Much is riding on the outcome of the talks after an inconclusive end to an earlier round in Beijing last week.

Vice Premier Liu He, China’s economy czar, was due to arrive in Washington tomorrow, China’s state media reported, after two days of preliminary talks by lower-level officials.

The US is wrangling over trade with many nations.

On Monday, the European Union warned that the bloc will hold back on a commitment to buy more American soybeans and liquefied gas if European cars are hit with punitive tariffs.

Investors also bid up shares in homebuilders after an industry survey showed builders are feeling more confident about their sales prospects this month.

The National Association of Home Builders/Wells Fargo Housing Market Index released yesterday has a reading of 62. That’s an increase of four points from last month’s index and the highest reading since October.

Readings above 50 indicate more builders see sales conditions as good rather than poor.

William Lyon Homes was among the biggest gainers, adding 3.1 percent.

Bond prices rose. The yield on the ten-year Treasury note fell to 2.64 percent from 2.66 percent late Friday.

That yield is used to set rates on mortgages and other kinds of loans.

The dollar rose to 110.66 yen from 110.60 yen on Monday. The euro strengthened to $1.1340 from $1.1312.

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PAGE 8, Wednesday, February 20, 2019

THE TRIBUNE

EU, UK TO HAVE MORE BREXIT TALKS BUT KEY DISAGREEMENT INTACT BRUSSELS Associated Press THE European Union yesterday warned British Prime Minister Theresa May that her trip to EU headquarters to seek an elusive breakthrough in Brexit negotiations stands no chance of success when it comes to her central demand for the divorce deal to be reopened.

Reinforcing the message, EU Commission President Jean-Claude Juncker made it clear that he had little hope that something fruitful would emerge during his evening talks with May today, and that the stalemate between Britain and the 27 other EU nations would likely continue.

“There is not enough movement for me to able to assume that it will be a productive discussion,” Juncker told reporters in Stuttgart, Germany. “I don’t know what Mrs May will tell me tomorrow.”

He added that, even after almost two years of talks, “I don’t know what our British friends actually want to have. In the British Parliament, there is always only a majority against something, there is never a majority for something.”

Earlier, Juncker’s spokesman, Margaritis Schinas, warned that “the EU27 will not reopen the withdrawal agreement”, a condition that many British lawmakers are insisting on before they back a Brexit deal to have Britain leave the bloc on March 29.

UK lawmakers’ objections centre on a provision for the border between the UK’s Northern Ireland and Ireland. The mechanism, known as the backstop, is a safeguard that would keep the UK in a customs union with the EU to remove the need for checks along the Irish border until a permanent new trading relationship is in place.

May wants to change

EUROPEAN Commission President Jean-Claude Juncker, right, prepares to shake hands with British Prime Minister Theresa May, left, before their meeting at the European Commission headquarters in Brussels, Belgium earlier this month.

EU Commission President Jean-Claude Juncker says he can’t rule out that a delayed Brexit could mean the United Kingdom would participate in this spring’s European Parliament election.

Photo: Geert Vanden Wijngaert/AP the deal’s phrasing to make sure that a provision to ensure an open Irish border after Brexit would only apply temporarily.

But the EU refuses to budge and says the 585page legally binding Brexit agreement is a take-it-orleave-it document and can’t be altered. It is willing to discuss other ways to find a compromise, but has challenged London to come up with concrete proposals.

The British government appears to be pinning its hopes in Attorney General Geoffrey Cox, who has been trying to come up with new wording that can satisfy both Britain and the EU and could produce an addendum or other addition “clarifying” the backstop.

Schinas said the talks this week seek “to see whether a way through can be found that would gain the broadest possible support in the UK parliament and respect the guidelines agreed” by the EU nations.

The Brexit deal negotiated between May and the EU last year — and rejected by Britain’s Parliament last month — includes a long transition

period after Britain leaves the bloc on March 29 to give time for new trade relations to be set up.

If the UK Parliament does not agree on the deal before March 29, Britain risks a chaotic departure that could be costly to businesses and ordinary people on both sides of the channel.

The uncertainty has already led many firms to shift some operations abroad, stockpile goods or defer investment decisions.

Yesterday, Honda announced it will close its only UK plant in 2021.

The automaker said the decision was not directly related to Brexit, but UK Business Secretary Greg Clark said “decisions like Honda’s this morning demonstrates starkly how much is at stake”.

Clark, a leading pro-EU voice in May’s Cabinet, said the Brexit-related uncertainty facing businesses was “unacceptable” and “needs to be brought to a conclusion”. Clark said businesses could not wait until “the last minute on March 28” for certainty.